In a significant move, Mari Petroleum Company Limited (MARI), one of Pakistan’s largest exploration and production (E&P) companies, has announced an investment of Rs. 10 billion (approximately $36 million) to establish a wholly-owned subsidiary focused on technology-driven ventures.

According to a notice sent to the Pakistan Stock Exchange (PSX) on Tuesday, the company’s Board of Directors approved the investment in a meeting held on September 23, 2024. The new subsidiary will focus on data centre, cloud computing, artificial intelligence (AI), and other new technologies, including those related to the petroleum and mining sectors.

This development comes just a month after MARI’s Board of Directors approved the formation of a subsidiary focused on cloud computing and AI, marking the company’s growing interest in tapping into the rapidly evolving tech sector.

The IT sector has emerged as one of the potential areas of growth in Pakistan’s otherwise lackluster economy, with the country’s information technology and IT-enabled services (ITeS) export remittances reaching an all-time high of $3.223 billion in the fiscal year 2023-24. This represents a 24% growth compared to $2.596 billion in 2022-23.

Mari Petroleum has posted impressive financial results, with a profit-after-tax (PAT) of Rs77.28 billion in FY2024, up nearly 38% year-on-year (YoY) compared to a PAT of Rs56.13 billion in the same period of the previous year.

The company’s investment in tech-driven ventures is seen as a strategic move to diversify its business and tap into the growing demand for technology services in Pakistan.